In our Risk and Regulation Unravelled podcast, we discuss the latest developments in financial services with industry experts. Gavin Stewart and Irina Velkova lead the conversation.

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Latest episode

Episode 24: a new Consumer Duty – an overhaul of consumer conduct regulation

What changes have been made with the Consumer Duty’s final rules since the FCA’s last consultation? And when are financial services firms expected to start implementing the regulation?

The Financial Conduct Authority (FCA) has published the final rules for its new Consumer Duty. The rules set a higher bar, building on the previous conduct-based initiatives that underpin its expectations – pushing compliance to higher levels, aimed at setting clearer and stronger requirements that firms deliver good outcomes for consumers.

In this latest episode, our regular host Irina Velkova is joined by our Head of Regulation, Alex Ellerton, Partner, asking key questions about the new Duty and what this means for firms across the industry.

Helping your firm prepare for the FCA's Consumer Duty

Previous episodes

Episode 23: regulatory update – changing faces in government and at the FCA

The FCA have appointed a new chair, six new directors, as well as an additional 500 hires. Will these leadership changes, as well as new leadership in government, impact the way regulators operate?

In our latest regulatory update David Morrey and Gavin Stewart discuss the latest developments, including: changes in FCA leadership, the cost-of-living crisis, crypto-regulation, and their summer holiday regulatory reading list - sharing insight on how firms can prepare for the changes ahead.

Episode 22: regulatory update - a response to the inflationary crisis

The new inflation figures have come out and a 40-year record has been set, impacting the cost-of-living crisis once again. As customers are feeling more vulnerable, we're starting to see regulatory moves to relieve it.

In our latest regulatory update,David Morrey and Gavin Stewart discuss recent developments, including: the cost-of-living crisis, Regulatory Initiatives Grid, Buy Now Pay Later, and speeches covering technology innovation, sandboxes, and sprints – raising awareness on how firms can prepare for the changes ahead.

Episode 21: biodiversity - the opportunity in financial services

Financial services' role in driving climate change action now includes delivering the ESG agenda. Biodiversity is another environmental risk and increasing focus for sustainable investing, and regulators are likely to increase regulation and reporting requirements in this area, putting pressure on firms to assess the impact of their actions on nature. But, it also brings opportunities.

In this episode our regular host Irina Velkova is joined by Amanda O'Toole, Senior Portfolio Manager at AXA Investment Management and Equity, and Dr Simon Zadek, Chair of Finance for Biodiversity, to discuss the challenges and opportunities that biodiversity brings to the financial services industry.

Episode 20: regulatory update - the cost of living crisis

On 5th May 2022, the Bank of England (BoE) announced the latest base rate of 1%, increasing from 0.25%, with potential continued small rises to inflation and prices. The latest Regulatory Initiatives Grid (RIG) also references the cost of living crisis: "we will have a pivotal role in supporting consumers, particularly those in vulnerable circumstances. We stand ready…" and warns there could be changes to the RIG as a result.

In our latest regulatory update David Morrey and Gavin Stewart discuss the latest developments including: the cost of living crisis, the Prudential Regulation Authority Business Plan (PRA) 2022/23, Regulatory Initiatives Grid, and speeches from the regulators covering topics of cryptocurrency – sharing insight on how firms can prepare for the changes ahead.

PRA publishes Business Plan 2022/2023

Episode 19: capital market trends – adapting to change in 2022

Navigating 2022 requires resilience, preparation, and adaptation. Capital markets have encountered the immediate impacts of geopolitical fragility, with markets reflecting the increased risk as well as the pressure on inflation, energy prices, and supply chains. The sector also faces continuing challenges from post-LIBOR era and post-Brexit regulatory requirements, and ESG net-zero targets. In this episode, Irina Velkova is joined by Harps Sidhu, Partner and Head of Capital Markets, to round up how firms can adapt to key trends in capital markets.

What are the key capital market themes and trends for 2022?

Episode 18: regulatory update - FCA Business Plan 2022/23

The Financial Conduct Authority (FCA) have published their Business Plan for 2022/23. This year the plan has a strong alignment with the FCA's strategy, focusing on three areas: 'reducing and preventing serious harm; setting and testing higher standards; promoting competition and positive change.'

The Business Plan also proposes detailed metrics to measure progress against their commitments for 2022/23, emphasising their new desired-outcome driven plan.

David Morrey, Partner, Head of Investment Management Grant Thornton UK LLP, and Gavin Stewart, Director, Grant Thornton UK LLP, delve deeper into the FCA's plan and priorities, and discuss what it means for businesses in the rest of the year and beyond.

Episode 17: banking challenges and trends 2022

Geo-political factors, ESG, cyber risk and the struggle for talent are some of the challenges the banking sector will continue to face this year. On top of this, pandemic recovery is still ongoing for many. Banks need to ensure they have the correct processes, governance, and agility to adapt effectively. In our latest podcast episode, our regular host Irina Velkova is joined by Paul Garbutt, Banking Partner at Grant Thornton UK LLP, to explore the key themes for the sector in 2022 and explain how firms can prepare to get ahead of the curve.

What are the key themes shaping the banking industry right now?


Episode 16: what to expect for investment management in 2022?

Kickstarting a new series, Irina Velkova is joined by David Morrey, Grant Thornton’s Partner, Head of Investment Management, to discuss the focus areas in the sector this year. Key themes include the Investment Firm Prudential Regime (IFPR), ESG, consolidation of the market and the ongoing pressure on margins and the re-discovery of political risk. Important questions arise around how the sector prepares for these changes, the challenges organisations will most likely face in responding to them, and how recent developments will effect investment management firms in 2022.

Uncover the top themes and trends for investment management in 2022


Episode 15: regulatory update - the FCA responds to external events

The Financial Conduct Authority (FCA) continues to respond to external events: including the impact on regulation of UK sanctions relating to Russia, cost of living increases, global action on cryptocurrencies and a potential strike vote from its own staff. In our latest regulatory update, David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP, and Gavin Stewart, Director, Grant Thornton UK LLP, discuss the latest developments and share insight on how firms should prepare for the upcoming regulatory agenda.


Episode 14: financial services hot topics 2022

What are the hot topics for the financial services industry in 2022? COVID-19 has dictated the narrative for the last two years, but as we transition into a post pandemic world this year promises a lot of focus on risk and regulatory matters, much of it driven by regulators.

In this episode, Irina Velkova is joined by Sandy Kumar, Head of Financial Services and Business Risk Services, Grant Thornton UK LLP, and Alex Ellerton, Partner, Grant Thornton UK LLP to explore key themes for firms this year: including ESG, cyber, data, consumer duty, inclusion and diversity as well as the impact of current global economic challenges on the Financial Services industry.


Episode 13: regulatory update - the regulators changing focus

Regulators are facing a shift in focus - with a big emphasis on responding to external events. With rising inflation rates, cost of living, and possible industrial action within the regulatory bodies, firms must be prepared to adapt to new regulatory agenda items in the upcoming months. Current consultation papers, such as that on Appointed Representatives, would attract bigger headlines in more normal times. David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP, and Gavin Stewart, Director, Grant Thornton UK LLP, discuss these updates and share insight on what firms should expect from the regulators.


Episode 12: the future of work - is hybrid working here to stay?

Businesses all over the world are facing another large transformational change: hybrid working. And, change always brings challenge: from organisational and operational resilience, and culture, to security risks and leadership.

On hybrid/remote working, the FCA has set out its own expectations so firms can ensure they're meeting their regulatory responsibilities.

Our host Irina Velkova discusses the impact of these new ways of working with an expert panel: Andre Katz, Group Risk Director for Operational Resilience, Lloyds Banking Group, Susan Andrew, Head of Delegated Underwriting Management, Brit Insurance and Aegean Simpson, Senior Manager of People and Culture, Grant Thornton UK LLP.

Listen for insight on the lessons learned from last two years, and guidance on what the future of work will look like.


Episode 11: regulatory update - FCA's 2022 priorities

On 31 December 2021 the Financial Conduct Authority (FCA) issued a press release reviewing its highlights of the year. Now, it's time to ask, what will the regulator's key priorities be in 2022?

David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP, and Gavin Stewart, Director, Grant Thornton UK LLP return in for our monthly podcast to discuss what the FCA will be looking at this year: from crypto to recent enforcement cases.

Listen to this episode for insight on how the regulator will engage with firms in the upcoming months.


Episode 10: regulatory update - 2021 reflections

As we approach the end of the year, the FCA has released its much-anticipated final consultation on the proposed new consumer duty. It seems to be little change from the original. David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP, and Gavin Stewart, Director, Grant Thornton UK LLP discuss what this version means for firms – looking back on the year and sharing insight on what to expect in 2022.


Episode 9: regulatory update - FCA's ESG strategy

The Financial Conduct Authority (FCA) has released several updates this month, including publishing the Regulatory Initiatives Grid and the Future Regulatory Framework. These updates clearly show the regulator's priorities – the 11 new ESG initiatives fit the theme of the recent COP 26 conference.

David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP and Gavin Stewart, Director, Grant Thornton UK LLP, discuss these updates and share their insights on what to expect ahead of the regulators ESG strategy.


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Episode 8: the Future Regulatory Framework – preparing for the future of financial services

HM Treasury published its final consultation paper for the Future Regulatory Framework (FRF) Review on 9 November 2021. The FRF sets out the government's views on post-Brexit financial services regulation in the UK. Our host, Irina Velkova, is joined by Matthew Conway, Director, Strategy & Policy, at UK Finance, and Gavin Stewart, Director, Grant Thornton Financial Services Group, an established commentator on regulation – the panel shares their insight on the new changes taking shape, the practical challenges it might bring, and what the FRF means for you.


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Episode 7: regulatory update - crowded Q4 regulatory agenda

Regulators and HM Treasury are expected to release several updates imminently including the Future Regulatory Framework (FRF) Review, Regulatory Initiatives Grid, and consultation papers.

David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP and Gavin Stewart, Director, Grant Thornton UK LLP share their insight on this months' regulatory developments and take a deep dive into what's expected from the regulators' crowded pre-Christmas agenda.


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Episode 6: vulnerable customers – in conversation with HSBC UK

Earlier this year, the FCA published its final guidance on the fair treatment of vulnerable customers. This is intended to drive a practical shift in firms' actions and behaviours towards these customers.

In this episode, Irina Velkova is joined by Maxine Pritchard, Head of Financial Inclusion and Vulnerability at HSBC UK, and Peter Lovegrove, Director at Grant Thornton UK LLP, for a conversation around how firms are expected to implement this guidance.


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Episode 5: regulatory update — FCA moves on from COVID

The Financial Conduct Authority (FCA) is trying to move on from COVID-19 in the last few months of 2021. As we prepare for 2022,David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton UK LLP, and Gavin Stewart, Director, Grant Thornton UK LLP discuss this month’s regulatory developments and look back at the summer. The packed episode includes the end of the furlough scheme, recent enforcement cases, the FCA's 'Transformation', and its consumer investment strategy.


Episode 4: regulatory update - FCA Business Plan 2021/22

The FCA published their Business Plan for 2021/22, setting an ambitious agenda for change. This year’s Business Plan can be viewed as an attempt to transition the Financial Conduct Authority (FCA) to become what is hoped to be a new regulator for the 2020s – more “innovative, assertive and adaptive.” David Morrey and Gavin Stewart delve deeper into the plan and priorities of the FCA and discuss whether we're looking at a new type of regulator.


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Episode 3: investment Firm Prudential Regime

The UK Investment Firm Prudential Regime (IFPR) is a new, streamlined and simplified process for the prudential regulation of investment firms in the UK. While very technical in its nature, it's a subject that gives a lot of room for interpretation and makes for some interesting hypotheses before the complete Financial Conduct Authority (FCA) consultation paper arrives later in the year.

In this podcast episode, we’re joined by Colm Donnelly, Head of EMEA Prudential Reporting, Invesco and David Morrey, Partner, Head of Investment Management, Financial Services Group, Grant Thornton, who live and breathe regulation to discuss the latest developments and key aspects of the regime, how the regime will impact the way investment management firms approach risk, and what firms need to do to prepare for implementation.


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Episode 2: ESG – no way back

In the UK, the joint regulator and government task force on climate-related financial disclosures (TCFD) published the roadmap towards mandatory climate-related disclosures.

This was followed by an ongoing consultation on the proposals related to mandatory TCFD-aligned disclosures from publicly quoted companies, large private companies, and limited liability partnerships.

Unsurprisingly, environmental, social and governance (ESG) and impact investing have taken a prominent place in all investor discussions lately.

In the second episode of our podcast, Irina is joined by our guests, Edward Dixon, Head of ESG, Aviva Investors Real Assets and Paul Young, Managing Director, Head of Finance, Risk and Compliance, Grant Thornton, to discuss how the COVID-19 situation has increased the focus on sustainability and ESG. We also cover the upturn in regulatory activity in this space and look in detail at what investors are facing in terms of regulation and how they can prepare for it.


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Episode 1: operational resilience

As firms have adapted to the circumstances of lockdown almost overnight, there's been an inevitable increase in operational risk. Regulators are looking to confirm that companies are minimising the impact of disruption by adapting, responding and recovering, while protecting their customers.

In the first episode of our podcast, Gavin and Irina are joined by our guests, Andrew Rogan, Director of Operational Resilience Digital Technology & Cyber, UK Finance and Tim Armit, former Resilience and Business Continuity Manager, Post Office, to discuss the upcoming Financial Conduct Authority (FCA) statement on operational resilience.


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